Tips & Articles
10 Ways Outsourcing can help grow your Business

Outsourcing is when you hire outside professionals or services to take on part of your business workload. You may want to outsource part of your work because you don't have the space, you need and financial expert, you have periodic busy periods, or you need more production to get orders out on time. Here are 10 ways outsourcing can save your business time & money.

1. You won't have to take time to train employees. This will allow to spend more time working on your marketing and advertising campaign.

2. You won't have to do time-consuming tasks such as adding new equipment or learning new software to complete certain tasks.

3. You won't have to interview employee candidates. this will allow you to spend more time improving your customer service and in return you will get more repeat purchases.

4. You won't have to fill out all the employee paper work such as tax forms and payroll schedules. This will allow you to spend more time developing new products.

5. You won't have to rent extra office or work space to complete certain tasks. You can all the money you save on other business expenses.

6. You won't have to spend money on employee cost like taxes, medical, vacation time, holidays, workers' compensation, unemployment cost.

7. You can speed up your order and delivery system with the extra help. Your customers will appreciate the fast service and you'll have a higher chance that they will buy from you again.

8. You could expand your market share by becoming a middleman and offering your subcontractors products or services. This will increase your business profits and give you multiple income streams

9. You can take on extra or large orders your business couldn't handle before. This will expand your market share and you could also offer to take the work your competition can't handle.

10. You could end up receiving orders from your subcontrators. Your subcontractors may also tell other people about your business.

Articles courtesy News Canada and Simple Joe Inc. http://www.simplejoe.com/ published winter 2006. Canada's SOHO Business

Tips for Hiring a Great Bookkeeper

Bookkeeping?

The “dreaded” word is something we all have to worry about. Business owners rarely go into business to deal with the financial aspects of running a business.  It’s easy to understand why!  Who wants to do all those boring record keeping functions?  Not many.  Therefore, one of the first things most entrepreneurs should do is hire a competent bookkeeper.  Though hiring a friend, relative or anyone who isn’t experienced with the basics of bookkeeping may be a recipe for DISASTER!  Anyone can say they are a bookkeeper, but you should make sure that you are getting the value for the money that you are spending.

You may have the best of intentions and they probably do to; however, you need to be objective when hiring a bookkeeper if you want a GREAT one!

5 Tips for Hiring a Great Bookkeeper:

1. KNOWLEDGEABLE.  Make sure they have a basic understanding of accounting and how the “big” picture all fits together.  The difference between an accountant and a bookkeeper is that an accountant will do more analysis and usually has additional training.  So, while you may not need an accountant on staff, you do want someone who has a basic understanding of the difference between assets, liabilities, equity, income, cost of goods sold, and expense accounts.

2. AVAILABLE. Ensure that they will be available and dependable to keep your bookkeeping up to date. Your information should be input on a consistent basis so you can get reports in a timely manner. If they are trying to “squeeze” this function into their other responsibilities, they may not give it the focus they should.

3. ACCOUNTABLE.  You want a bookkeeper that will keep you accountable.  If they have checks or deposits that they are unsure of, you want them to be willing to hold you accountable and get good information for record keeping.  You don’t want someone who is going to code everything to “miscellaneous.”

4. COMPETENT. You want to keep your books on a computer, not by hand. So ensure that your bookkeeper is competent in using a computerized bookkeeping program, like QuickBooks®. You want a full-service package that incorporates your budgeting, estimating, invoicing, job costing, bookkeeping, and reporting aspects all in one. Though it is key that they are competent enough to be able to input good information into the computer system.

5. FAMILIAR.  Having a bookkeeper that is familiar with your industry will shorten the learning curve and provide better details.  While the basic bookkeeping fundamentals are applicable to all industries, there are very different specifics needed for different industries.  Construction companies rely on job costing to understand their profitability.  While, retailers are focused on inventory aspects.  Restaurant, non-profit, and service-based industries require different insights too.  It’s important to have some basic accounting knowledge, but ideally you want someone with industry familiarity.

Hiring employees should never be taken lightly, especially when they are going to be doing your bookkeeping!  Without good financial reports, you have no idea how your business is doing.  Garbage In = Garbage Out.  Input is critical to having a successful business report that you can utilize in your management decisions.  These same requirements should be incorporated if you are hiring an outside firm to do your bookkeeping also.  Ultimately, you are responsible and liable for all the aspects of your business.  Record keeping, paying of remittances in a timely fashion, reporting to CRA, etc.

These 5 Tips for Hiring a GREAT Bookkeeper will help you!

Article courtesy of Tamatha on TD accounting services.http://www.tdaccountingservices.ca/5-tips-for-hiring-a-great-bookkeeper/ published June 12th, 2014